mine took 11 weeks but I had to verify both identity AND income. depends what they're asking you to verify tbh

I went through this exact same process last year! For me, it took about 10 weeks total from when I submitted everything through ID.me. The key thing is making sure you uploaded ALL the documents they requested - I made the mistake of only uploading my W-2 initially and had to resubmit with my bank statements too, which reset the clock. Also, don't rely on Where's My Refund for updates - it barely changes. Your transcript will show movement first with cycle dates and processing codes. Stay patient, it's frustrating but they do eventually get through it!

Here's what happens after verification based on my research: 1. Your verification status is updated in the IRS internal system (1-3 days) 2. Your return is released from the verification hold (3-5 days) 3. Normal processing resumes where it left off (varies) 4. WMR updates (usually after transcript) 5. Transcript codes update to show processing status The most reliable indicator is checking for code 570 (hold) being replaced by 571 (hold released) on your account transcript.

The timeline can definitely vary, but based on what I've seen in the community, you're looking at roughly 2-3 weeks after verification for things to start moving again. The key thing to remember is that verification just removes the hold - your return then goes back into the regular processing queue where it left off. Since you just verified yesterday, I'd give it at least a week before expecting any transcript changes. The WMR tool is notoriously slow to update compared to transcripts, so focus on checking your account transcript (not return transcript) for codes 570/571 as Andre mentioned above. For your Q2 investment planning, I'd personally budget for at least 3-4 weeks total from your verification date to be safe, though it could be sooner.

One thing nobody has mentioned yet - beware of the "Currently Not Collectible" status these companies often push. It might sound great (the IRS agrees not to collect from you temporarily), but the 10-year clock keeps running AND interest and penalties keep accumulating! Sometimes it makes more sense to set up even a small payment plan to start chipping away at the debt. For 2012-2014, if you haven't filed yet, file ASAP. The assessment date (which starts the 10-year clock) begins when you file and the IRS processes your return. So those years aren't even on the clock yet. I'd recommend calling the IRS Taxpayer Advocate Service. They're independent from the IRS collection division and can give you free guidance. Their number is 877-777-4778.

I'm dealing with a similar situation right now - owe about $28,000 for 2020-2022 and just got the levy notice last week. Reading through all these responses has been incredibly helpful, especially learning about the 10-year rule and how it actually works. I called one of those tax relief companies too and they wanted $3,200 upfront after a $500 "consultation fee." After reading everyone's experiences here, I'm definitely not going that route. Question for those who've been through this - how urgent is it really to act on the levy notice? Mine says "Final Notice - Intent to Levy" and gives me 30 days. I'm trying to decide between finding a local EA or attempting to call the IRS directly. The idea of waiting hours on hold is daunting, but the Claimyr service mentioned above sounds interesting if it actually works. Also, has anyone here actually had their bank account levied? I'm terrified they'll clean out my checking account before I can get this sorted out. We have about $3,000 in there which is basically our rent and grocery money for the month. Thanks everyone for sharing your real experiences - it's so much more helpful than the scary marketing from these tax relief companies.

Can I piggyback on this question with a related margin interest issue? If I use margin to buy both stocks and options, but only sell the options for a profit while keeping the stocks, can I deduct all the margin interest? Or only the portion related to the options I sold?

Just wanted to add a practical tip from my experience with a similar situation. When you're preparing your taxes, make sure you have good documentation of all your margin interest payments throughout the year. Your brokerage should provide this on your 1099-INT or in your monthly statements, but it's worth double-checking the totals. Also, keep in mind that if you have multiple brokerage accounts, you'll need to aggregate all your investment income and all your investment interest expenses across all accounts when completing Form 4952. The IRS looks at your total investment picture, not account by account. One more thing - if you're planning to continue using margin in future years, consider keeping a spreadsheet to track your margin interest payments monthly. This makes tax prep much easier and helps you project whether you'll have enough investment income to fully deduct the interest each year.

Just wanted to mention that you can actually e-file past year returns using some tax software, which is WAY easier than paper filing. I used FreeTaxUSA for my 2020 return when I filed in late 2023. They charge like $20 for past year returns but it was totally worth it to avoid the paper forms nightmare.

I'm going through a very similar situation right now with my 2020 taxes! Lost my job in March 2020 and honestly just couldn't deal with paperwork for the longest time. I finally gathered all my documents last month and realized I might actually owe money despite having taxes withheld from my W-2. One thing that really helped me was calling the IRS Taxpayer Advocate Service (TAS) - they're a separate division that helps people with complex tax problems for free. They don't file your return for you, but they can explain your options and help you understand what penalties you might face. The number is 1-877-777-4778. They were way more patient and helpful than trying to navigate the regular IRS phone system. Also, don't panic about the penalties if you do owe. The failure-to-file penalty stops accruing after 5 months, so it maxes out at 25% of what you owe. The failure-to-pay penalty continues but it's only 0.5% per month. Still not great, but not as scary as it sounds when people say "penalties keep growing forever.